Alberta has capped auto insurance rates at 7.5 per cent for good drivers in 2026, with a new system set to come in 2027.

The Insurance Bureau of Canada says recently released Alberta government figures show rate caps are "deepening the financial crisis" for auto insurers in the province.

The report notes insurers lost more than $1.2 billion on the sale of auto insurance in 2024, paying out more in claims and ...